• Net sales increased 66% to SEK 298 (179) million
• Organically, sales increased 17%
• EBITA increased 55% to SEK 47 (30) million
• Pro forma net sales increased 12% to SEK 314 (281) million
• Pro forma adjusted EBITDA increased to SEK 48 (47) million
• Pro forma adjusted EBITA increased 2% to SEK 47 (46) million
• In February, Agima Holding AB and its wholly owned subsidiary Agima Management AB were acquired. The company offers project management services within infrastructure and community development.
• In March Bro och Stålkontroll i Stockholm AB was acquired. The company specializes in project management, construction and design within infrastructure.

Comment from the CEO
A strong first quarter
Pro forma net sales and earnings increased in the quarter compared to last year. March proved to be a strong month for the Group as a whole, with a result clearly better than the previous year. Even adjusted for the absence of an Easter effect in March 2025, the underlying trend in March 2025 indicates a positive trend. Consequently, the quarter, with the same number of working days, ended slightly better than the previous year, despite a weaker start caused by relatively high sick leave and increased time off.

The overall demand for Qflow services is at a stable level.

Continued good demand for services related to the infrastructure segment, in which most of our business is performed. The parts of the business that offer services related to the building segment also had stable demand during the quarter.

Our strategy to recruit more employees to the group has had a good effect and the number of employees is growing according to plan. Two important acquisitions were made during Q1. Agima strengthens our offering for qualified services in project management, and with Bro & Ståkontroll we strengthen our concept for infrastructure maintenance.